The Park Central Hotel on Ocean Drive secured a $40 million construction loan, HFF announced recently.
BB&T Real Estate Funding granted the financing, which will be used to redevelop the three existing Art Deco buildings — the Park Central, the Imperial Hotel and the Heathcoat Apartments — and a vacant lot, which will all be converted into a 135-room boutique hotel with three new restaurants totaling 8,100 square feet, a rooftop glass-bottom pool, a ground-floor pool with ocean views, 24 suites and 1,380 square feet of meeting space, according to a press release.
The hotel is slated for completion in early 2017 and will be located at 620 to 650 Ocean Drive, directly across from Lummus Park.
The HFF team was led by managing director Jim Dockerty, associate director Scott Wadler, and analyst Marc Roth.
“When completed, the Park Central Hotel will re-establish Ocean Drive as a luxury boutique hotel and fine-dining destination,” Dockerty said in the press release.
Park Central Partners, an affiliate of Optimum Asset Management, bought the three hotels in July 2013 for $34 million, according to Miami-Dade County property records. The company also bought the vacant lot next door for $5.27 million, bringing the total to nearly $40 million and 0.75 acres.